As Web 3.0 (or Web3) conversations are suddenly buzzing around the Internet, the potential and previously unimaginably scattered future of the Internet is increasingly disputed. The concept, Web3, has popped up even in tweets between tech companies, Jack Dorsey of Twitter and Elon Musk of Tesla.
The idea of a growing distributed Internet belonging to authors and users, as defined by Packy McCormick, is beginning to take shape beyond conversations about cryptocurrency and bitcoin. A significant number of large technology companies and industry leaders such as Meta, Instagram, Amazon, Sony, Twitter and Tesla have become interested in its potential and incorporate Web3 into their business models.
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What is Web3?
Have you considered the question above? In particular, with little or no knowledge of concepts such as blockchain technology, cryptocurrency and decentralization? Then we are here to help.
No, Web3 is not the third dimension of the internet (though that would be an interesting experience). In simple words, it is the first development of the Internet as we use and know it now (Web2) from the current centralized state where the majority of data is stored and controlled by a handful of key players into a distributed network.
Blockchain technology drives Web3, where information is encrypted and stored transparently across multiple computer systems across the network instead of a single server. As a result, any attempt to modify, censor or delete information will alert the entire network.
To break it down further, let’s consider a few terms:
What is Blockchain technology?
Blockchain technology is the technology on which cryptocurrency is based. Blockchain is a distributed digital ledger that stores information in such a way that it is difficult, if not impossible, to modify the data, hack into or cheat the system. Blockchain is essentially a digital directory of transactions that are copied and stored on the entire network of computer systems that make up blockchain.
It is this mode of distribution called Distribution of power. Because there is no single server that stores all the information, there are no centralization issues such as losing access to data due to server crashes, censorship or monopoly of information. This makes blockchain technology very secure.
Web1 and Web2
The first form of Internet we have now is best known as a “read-only” format of stationary pages belonging to organizations and could only be modified. They were one-sided communication tools and users could not communicate with them. As it evolved into Web2, the current milestone, also known as the “read-write” era, as created by a Twitter user in 2020, the Internet became interactive. The beginning of the Web2 era was marked by the advent of social media. The read-and-write feature eventually replaced the original write-protector on the web.
Instead of simply publishing data, companies started creating a platform where users could submit content and connect with each other. Since then, as more people use the Internet, a select few of the most successful technology and data institutions have gained an increasing monopoly on the majority of web traffic and the value it creates. The ad-driven revenue-generating model was also born out of Web 2.0. Users could submit content but had no commercial right or claim to it and did not profit from its marketing, in any way.
Web3 is essentially a read-and-write development of the Internet that belongs to users and authors. Perhaps the most striking feature of users is the newly acquired ability to own and generate revenue from the content they create. This is made possible by blockchain technology. Currently, the authors use the technology to create unique digital assets (NFT) that they market on Web3 systems such as OpenSea, Solana and Decentraland.
Some other major differences between Web2 and Web3 are that users will be able to use a central identifier that carries their information, rather than having to create a separate login for each page they visit in the future.
Also, by earning or buying tokens that give them the option to opt-in or unlock features, they will have more control over their interactions with the platforms they use.
The future prospects of Web3 are currently very much explored and the extent to which this may change the landscape of our current use of the web is largely unknown.
Finally, we will explore more topics about changing the digital landscape of the World Wide Web in future articles.
We hope that our Web3 summary and our quick course on Internet history have served as a satisfactory promotional guide for you.
Next you can check out our guide on ‘how to make money on metaverse’!
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